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Littlefield Corporation reports Florida acquisition

AUSTIN, Texas -- (PRESS RELEASE) -- Littlefield Corporation (OTCBB:LTFD) is very pleased to announce that it has executed a definitive agreement to acquire a Florida bingo hall.

"This is an exciting development in the life of the Company," said Jeffrey L. Minch, President and Chief Executive Officer of Littlefield Corporation. "For quite some time we have been looking for the right business opportunity to get back into the Florida charitable bingo market and believe this transaction provides that opportunity. In addition to the soundness and potential of the business, it is also a geographically strategic acquisition since we will be able to efficiently and effectively expand our Alabama management to oversee this hall."

The contract provides for a due diligence period, and the transaction is expected to close by year end. As a material element of the negotiations between the seller and Littlefield, the terms of the agreement are being held confidential.

"We will diligently undertake our due diligence, which is currently underway, in a precise and painstaking manner," Minch explained. "It is our intention and goal to learn the Florida bingo market thoroughly, then use this base of knowledge to expand prudently and profitably as opportunities present themselves."

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